As financial institutions increasingly rely on cloud computing, SaaS platforms, and AI technologies, technology contracts are evolving from simple commercial documents into critical operational resilience tools. The European Union's Digital Operational Resilience Act (DORA) exemplifies this shift, offering valuable insights for African financial institutions on how contractual mechanisms can actively support cybersecurity, business continuity, and third-party risk management in an interconnected technology
South AfricaMedia, Telecoms, IT, Entertainment
Technology contracts have traditionally been viewed as commercial documents. They set out the services to be provided, allocate risk between the parties and establish the commercial framework for the relationship. Increasingly, however, that view is becoming outdated. As organisations become more reliant on cloud computing, SaaS platforms, managed service providers and AI technologies, technology contracts are evolving into one of the most important operational resilience tools available to a business.
This shift is perhaps best illustrated by the European Union's Digital Operational Resilience Act (“DORA”). When DORA became fully applicable in January 2025, many organisations outside Europe dismissed it as another piece of European regulation with little relevance beyond the EU. For African financial institutions, however, it would be a missed opportunity not to leverage the thinking, methodologies and precepts emanating from DORA. While DORA applies directly to EU financial
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